Cannery Casino and Resorts
Las Vegas Metro Chamber of Commerce Business Excellence Award 2013 Business Excellence Award Honoree

Ownership Structure

Millennium Gaming, Inc.Cannery Casino ResortsCannery Casino Resorts, LLC (CCR)

William C. Wortman and William J. Paulos equally own Millennium Gaming, Inc. Millennium Gaming owns 43.8 percent of CCR. A subsidiary of Oaktree Capital Management, LLC owns 31.7 percent of CCR. A subsidiary of Crown Limited own the remaining 24.5% of the company.

CCR has a well-established formula for success in all markets. CCR creates well-crafted themes tailored to the interests of specific target markets and delivers exemplary customer service and high-perceived value for the entertainment dollar. The company emphasizes a quality customer experience while controlling costs and operating with the highest degree of integrity. The ultimate mission is to generate profits while enhancing the economic and social well being of the communities in which CCR operates.

Behind the innovative approach is a management team with hundreds of years of experience in some of the world’s most successful hospitality companies.

Company principals, William Wortman and William Paulos, have over 70 years of management experience between them. They both have respected careers in casino finance, hotel administration, entertainment, food and beverage as well as upper management positions as chief operating officers and chief executive officers. Their resumes include positions with companies such as Caesars World, Inc., Circus Circus Enterprises, Inc., Primadonna Resorts, Inc. and Crown Limited in Australia.

CCR has established relationships with top design and construction firms. These partnerships have resulted in many highly profitable developments. Major projects with Perini Construction, MJ Dean Construction Inc., Yates-Silverman Design, Klai-Juba Architects, Climans Greene Liang Architects and LP Ciminelli Construction have been completed on time and on budget. These partnerships have helped CCR establish a reputation for delivering on its promises.

William “Bill” Wortman, Principal and Co-Founder, Millennium Gaming

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Bill Wortman began his gaming career providing services to the industry as a CPA with Laventhol & Horwath in 1974 after receiving his Bachelor of Science in accounting from the University of Nevada, Las Vegas. In 1978, he joined Caesars Palace as financial controller. At Caesars, he expanded his expertise in casino management and instituted state-of-the-art controls for the casino systems. A year later he was promoted to treasurer and chief financial officer. Within another year he was appointed vice president of administration.

 
As vice president of administration at Caesars Palace in 1980, he developed and promoted Muhammad Ali’s comeback bout against Larry Holmes, the city’s first major citywide boxing event. That event forever changed the way Las Vegas casinos market to high-end customers. Under his leadership, the entertainment mega-event became a valuable tool for attracting premium customers from around the world, particularly China.

In 1981, Wortman was promoted to president and chief operating officer of Caesars Tahoe where he launched a Far Eastern marketing department. He traveled to Hong Kong and Southeast Asia and developed substantial new player activity. His efforts helped establish the Caesars brand as an industry leader in the premium player market.

In 1984, Wortman purchased two properties in Fallon, Nevada. Wortman owned and operated these properties, the Fallon Nugget and the Bonanza Inn, from 1984 until 1996 when they were sold.

In 1985, he purchased a substantial equity position in Nevada Palace in Las Vegas (situated on the site upon which the Eastside Cannery was subsequently built), a facility that was involved in a bankruptcy proceeding. Wortman, as managing partner, assumed operating control restoring the facility to profitability.

In 1997, he co-founded Millennium Management Group (MMG) with Bill Paulos. MMG secured the license and participated in the development, opening, and management of Greektown Casino in Detroit, Michigan. The two Millennium partners later formed Cannery Casino Resorts, LLC which developed and operates the Cannery Casino Hotel in North Las Vegas, Eastside Cannery on the Boulder Highway. Bill Wortman, along with his co-founder and partner, Bill Paulos, serve as co-CEO’s of CCR.

Wortman is a former member of the Board of Directors at the Nevada First Bank, a former Board of Director at Meadows Bank, and a former Vice Chairman of the Board for Security Pacific Bank of Nevada. He is also a former board member of HELP of Southern Nevada and Opportunity Village of Las Vegas.

Wortman serves on the Board of Trustees for Nevada State College, and is a current member of the UNLV Foundation Board of Trustees and a Board Member for the UNLV Graduate School of Business. He was the 2003 recipient of the American Diabetes Association Las Vegas Man of the Year Award, and 1986 recipient of the Alumni of the Year Award for UNLV.

William “Bill” Paulos, Principal and Co-Founder, Millennium Gaming

Vinos Restaurant

William J. Paulos received his Bachelor of Science degree in hotel administration from the University of Nevada, Las Vegas in 1969. He gained his first experience in hotel administration at the Fremont Hotel & Casino and the Royal Las Vegas Hotel & Casino in the 1970’s. He spent seven years gaining experience in the hospitality industry with AmFac hotel properties throughout the western United States.

Paulos joined Circus Circus Enterprises in 1980 as director of hotel administration. A year later, he was promoted to vice president and general manager of the Silver City Casino. His leadership in developing and opening new properties, including the Edgewater, Colorado Belle, Excalibur and Luxor, helped the company grow into one of the largest and most successful operators in Nevada. In recognition of his accomplishments, Paulos was named 1992’s Casino Industry Executive of the Year by the International Gaming Business Executives.

In 1994, Paulos was recruited to become the chief operating officer in charge of developing the only full-scale casino in Melbourne, Australia. He oversaw the construction and opening of the temporary property, recruited staff and developed policies designed to compete for the Asian casino market. The property proved to be highly popular with both the high-end Asian market and the Australian locals.

Paulos returned to Las Vegas in 1995 and became president of Primadonna Resorts, Inc., a public company with three hotel/casino properties on the Nevada/California border about 30 miles from Las Vegas. He led the company’s transformation into a publicly traded corporation and raised the visibility of the company. While at Primadonna, he led his company’s efforts on their joint venture with MGM to design and build New York-New York Hotel & Casino.

In 1997, he co-founded Millennium Management Group (MMG) with Bill Wortman. MMG secured the license and participated in the development, opening, and management of Greektown Casino in Detroit, Michigan. The two Millennium partners later formed Cannery Casino Resorts, LLC which developed and operates the Cannery Casino Hotel in North Las Vegas, Eastside Cannery on the Boulder Highway. Bill Paulos, along with his co-founder and partner, Bill Wortman, serve as co-CEO’s of CCR.

Paulos is a member of the Advisory Board of the UNLV William F. Harrah College of Hotel Administration. In 2006 he was UNLV’s Harrah’s Hotel College Alumnus of the Year. Paulos is also a Trustee Emeritus of the University of Nevada, Las Vegas Foundation Board of Trustee. Paulos is a former member of the Board of Directors of the Problem Gaming Center. In 2004, he was named Southern Nevada’s City of Hope Man of the Year. Mr. and Mrs. Paulos recently became founding donors of the newly built Smith Center for Performing Arts in Las Vegas, Nevada.

Oaktree Capital Management, LLC

Dining


Oaktree Capital Management, LLC (Oaktree) is a Los Angeles-based investment management firm overseeing billions in assets in high yield bonds, convertible securities, private equity, emerging market equities, distressed debt and real estate and mezzanine debt. Oaktree’s clients include Fortune 100 companies, large public pension funds, university endowments, private foundations and high net-worth individuals.

Today, Oaktree is comprised of ten principals and staff members in Los Angeles, New York, Tokyo, London, Singapore and Frankfurt. The company’s professional staff has extensive background in law, accounting, valuation, consulting and investment banking.

For additional information on Oaktree Capital Management, visit www.oaktreecapital.com.
 

Crown Limited

One of Australia’s largest entertainment and gaming firms, Crown Limited holds a 24.5% equity interest in CCR.

Crown also wholly owns and operates two of Australia’s leading resorts, Crown Entertainment Complex in Melbourne and Crown Perth. Crown fully owns and operates the Aspinall’s Club in London, and holds a significant interest in Melco Crown Entertainment Limited, which operates casino/hotel properties in Macau.
These include City of Dreams, Altira Macau and Mocha Clubs.

For additional information on Crown Limited, visit www.crownlimited.com.

Company Structure